Ontario Government Releases 2023-24 Public Accounts

The Ontario government has released the 2023-24 Public Accounts, detailing the province's financial results for the fiscal year ending March 31, 2024. The government reported a $0.6 billion deficit, an improvement from the forecasted $1.3 billion deficit in the 2023 Budget. This change is attributed to higher revenues, increased program spending, and lower-than-expected interest on debt expenses.

Key financial highlights from the Public Accounts include:

• Annual revenues increased by $13 billion from the previous year.
• Total investments amounted to $195.2 billion across all programs, a 4.7% or $8.8 billion increase in program spending over the previous fiscal year.

Notable investments include:

• Infrastructure: $23.6 billion, a 22.9% increase, for roads, highways, public transit, hospitals, schools, and other community infrastructure.
• Health sector: $85.5 billion, an 8.9% increase, aimed at improving access to care.
• Education sector: $37.2 billion, a 7.6% increase, supporting enrolment growth, educator compensation, and the Canada-wide Early Learning and Child Care system.

The government emphasized its commitment to providing regular and transparent fiscal updates and highlighted its focus on infrastructure, health care, and education investments.